Demand has been driven by consumers and businesses seeking cheaper alternatives to traditional lawyers
New York, NY (PRWEB) May 20, 2014
The Online Legal Services industry has experienced robust growth over the past five years. The industry has expanded at an annualized rate of 10.9% in the five years to 2014 due to a number of factors that have made generic legal services more accessible to consumers and small-businesses. Demand has been driven by price-conscious consumers and businesses seeking reasonably priced alternatives to traditional lawyers. Industry growth has been assisted by improved technology, such as highly interactive web interfaces and seamless payment systems have made online legal services more convenient and reliable. In 2014, Online Legal Services industry revenue is expected to continue its upward trend, growing 8.1% to $4.1 billion.
According to IBISWorld Industry Analyst Will McKitterick, “The industry consists of two main segments: traditional law firms that employ qualified attorneys that primarily interact with clients using the internet or other electronic communications and legal document service providers.” The second segment comprises of companies that have no lawyer-client relationship and supply documents that can be customized using interactive software. The number of websites offering legal document services has steeply escalated over the past five years to meet the huge demand for generic legal services, allowing customers to draw up their own business incorporation, wills and trusts and powers of attorney. These legal startups have been controversial with some lawyers and bar associations because they are not law firms and are barred from dispensing legal advice. However, in 2012, the American Bar Association's eLawyering Task Force released best practice guidelines covering entities that operate outside the lawyer-client relationship, helping to legitimize the practice.
“Strong demand for online legal services is projected to continue over the five years to 2019,” says McKitterick. Competition to provide web-enabled legal document preparation will heat up as better technology allows a wider range of forms and legal actions to be completed online. Interactive advice provided online by attorneys is also projected to grow as web platforms continue to develop and nationally branded networks allow small firms to band together to increase their visibility.
For more information, visit IBISWorld’s Online Legal Services in the US industry report page.
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IBISWorld industry Report Key Topics
Operators in the Online Legal Services industry provide legal services to clients using the internet and associated technologies as the primary means of communication. The industry includes virtual law firms without brick-and-mortar locations that offer both bundled and unbundled services, as well as companies that primarily provide online legal documentation services like interactive documents that can be tailored to a client's specific need.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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